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Profit and Loss Statement? for self-employed

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    Profit and Loss Statement? for self-employed

    Any do's and don'ts on the P&L statement a self-employed filer needs to create?

    thanks

    #2
    If you're filing bk.......

    Do - Tell the truth

    Don't - Fudge

    You'll be providing tax returns to back up your work, so do it right, throw it out there, and it will be what it will be.

    It would be most helpful if you have QuickBooks or something similar to do this with.

    Good luck!
    All information contained in this post is for informational and amusement purposes only.
    Bankruptcy is a process, not an event.......

    Comment


      #3
      We are in same boat, never kept em, below median, last atty/tt we interviewed didn't seem too concerned about them being beautiful. Still haven't gotten around to figuring them out, too busy trying to survive. We don't have quickbooks or any other accounting software, really, there isn't that much to keep track of lol....

      So PLEASE keep us posted on how this progresses!

      Keep On Smilin'

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        #4
        I was going to say the same thing. It's even better if your CPA prepared it. The bottom line is the bottom line... do not play with numbers but also, don't forget any liabilities or expenese!
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

        Comment


          #5
          Yes, of course the numbers need to be honest, but what level of detail is best? thanks

          Comment


            #6
            I'll see if I can find the one I made for my husband's business. He didn't file, but since he is our only income, P&L's were needed for filing. I'll list the categories I used once I locate it.
            Filed 5/31/11 341 & Report of No Distribution 7/28/11 Discharged & Closed!! 9/29/11
            "What I won't accept or buy any longer is that my credit score defines who I am. Screw that."

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              #7
              These are the categories I have:

              Gross Income
              Advertising
              Cell Phone
              Computer
              Fees
              Health Insurance
              Postage
              Utilities
              Phone & Internet
              Federal Taxes
              State Taxes
              Net Income
              Filed 5/31/11 341 & Report of No Distribution 7/28/11 Discharged & Closed!! 9/29/11
              "What I won't accept or buy any longer is that my credit score defines who I am. Screw that."

              Comment


                #8
                Google "profit and loss statment" and you will find several free templates to download. If you don't want to download a template, there are lots of samples to view.
                LadyInTheRed is in the black!
                Filed Chap 13 April 2010. Discharged May 2015.
                $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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